Harry S. Truman Memorial Scholarship Act

Harry S. Truman Memorial Scholarship Act - Expresses the findings of Congress and declares that it is especially appropriate to honor former President Harry S. Truman through the creation of a perpetual educational scholarship program to develop increased opportunities for young Americans to prepare and pursue careers in public service.

Establishes as an independent establishment of the executive branch of the United States Government, the Harry S. Truman Scholarship Foundation, to be subject to the supervision and direction of the Board of Trustees.

Authorizes the Foundation to award fifty-one scholarships in any fiscal year beginning after June 30, 1973, for undergraduate study for persons who plan to pursue a career in public service. States that each recipient shall be knows as a Truman scholar.

Sets forth provisions governing: (1) the scholarship requirements; (2) the procedures for selection of Truman scholars; (3) stipends and institutional allowances; and (4) the scholarship conditions.

Establishes in the Treasury of the United States a trust fund to be known as the Harry S. Truman Memorial Scholarship Trust Fund. Prescribes the procedures for expenditures from the fund. Directs that there shall be an Executive Secretary of the Foundation, appointed by the Board, who shall be the chief executive officer and shall carry out the functions of the Foundation subject to the supervision and direction of the Board.

Authorizes to be appropriated $30,000,000 to the fund. Authorizes to be appropriated such sums as may be necessary for administrative expenses incident to carrying out the provisions of this Act.